I am aware that I might not get anywhere with this proposal to Fleet on settlement, but I would appreciate any critique that you may provide.....especially as to if i have left anything important off. I realize that I have asked for more than they are willing to concede, but it's a starting point. The proposal represents approximately 20% of the balance. Fleet Credit Card Services P.O. Box 17192 Wilmington, DE 19850-7192 RE: Account # Dear Collection Manager: I am in receipt of your letter dated August 14, 2001 regarding the referenced account. Your firm was notified in a letter dated April 14, 2001 that continued payment was no longer possible due to severe financial difficulties. At this time, I am still not in a position to continue payments and have retained counsel to prepare necessary documents for Chapter 7 bankruptcy. In an attempt to reach a mutually agreeable solution, I am prepared to propose a settlement of this account under the following provisions: Fleet Credit Card Services agrees to accept $1,200.00 as full settlement of all outstanding charges and fees on the above referenced account. Upon receipt of this payment via certified funds, Fleet Credit Card Services agrees (1) to cease any and all attempts to collect this debt, either directly or through a Collection Agency; (2) agree not to sell this debt to any third party as you now recognize the account to be â??PAID AS AGREEDâ?; (3) agree to remove all previous notation of delinquency and to retract all negative or derogatory remarks you may have reported on my credit report with any credit reporting agency located in the United States; (4) agree to report our transaction as â??PAID AS AGREEDâ? with a zero balance; (5) maintain strict confidentiality of this agreement between Fleet Credit Card Services and the account holder; (6) document all correspondence made to the credit reporting agencies representing this settlement to the account holder. This agreement will not be binding until I receive a signed and dated original of this proposal from a representative of Fleet Credit Card Services who is authorized to bind Fleet Credit Card Services to a settlement of this account under the terms outlined above. Upon receipt, I will remit certified funds to your company thus closing this transaction. This is not a renewed promise to pay but rather a restricted offer only. If no terms can be met, no new arrangements will be made and the offer will be void.
